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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Thursday, December 5, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will examine the Corporate Transparency Act (CTA) and its impact on real estate entities and transactions, including who is considered a "reporting company" subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel will also discuss certain state laws that impose similar reporting requirements as the CTA. Finally, the panel will describe best practices for real estate counsel to assist their clients with preparing for the CTA's BOI reporting requirement and ongoing compliance.

Faculty

Andrew J. Weiner
Partner
Pillsbury Winthrop Shaw Pittman LLP

Mr. Weiner’s practice is global in scope, with a significant and sustained concentration on transactions in the New York metropolitan area. Since 1976, Mr. Weiner has represented domestic and foreign clients in equity and debt transactions, the creation of real estate funds and joint ventures, and transactions involving distressed real estate. His practice has had a significant concentration in the hospitality and real estate investment trust (REIT) sectors, and in leasing. Mr. Weiner’s clients have included funds, family offices, institutional lenders, universities, non-U.S. investors and New York City developers.

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Kevin Gaunt
Counsel
Hunton Andrews Kurth LLP

Mr. Gaunt helps clients with white collar defense, government and internal investigations, and regulatory enforcement. He advises on complex compliance and sanctions issues and has a knack for matters involving data management and technology. Mr. Gaunt represents clients in a range of industries in matters involving national security and international trade matters such as economic sanctions and Office of Foreign Assets Control regulations, export control compliance, and the Foreign Agents Registration Act. He also advises clients on other white collar issues relating to financial crime, anti-money laundering, anti-bribery / anti-corruption and the FCPA, and government contracting fraud. He regularly provides compliance guidance to financial institutions and other clients related to closely scrutinized sectors such as the cannabis/marijuana industry, cryptocurrency markets, and fintech providers.

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Description

The CTA requires certain U.S. and foreign entities defined as "reporting companies" to report certain identifying information about themselves, their beneficial owners, and company applicants to FinCEN (the U.S. Dept. of the Treasury's Financial Crimes Enforcement Network) within a certain prescribed time period. Covered entities created or registered to do business before Jan. 1, 2024 will be required to file their initial BOI reports by Jan. 1, 2025.

The CTA will likely impose a heavy burden on real estate businesses. Real estate is commonly owned by a special purpose entity (SPE) and ownership of the SPE is usually structured through a chain of additional entities. All of these may be considered reporting companies subject to the CTA's requirements unless they meet an exemption.

The CTA also adds a new layer of reporting requirements for lenders in real estate transactions who will need to reassess their AML protocols and real estate investors who will need to comply with the reporting requirements for their investment vehicles. Due diligence will become more complex.

Failure to comply with the new reporting requirements will result in serious civil and criminal penalties.

In addition to the CTA, real estate counsel should be aware of applicable state level reporting requirements. Most notably, New York and Pennsylvania have enacted or are enacting laws with similar reporting requirements as the CTA and a California bill is under consideration.

Listen as our expert panel discusses the CTA's impact on real estate entities and transactions and how to determine whether exemptions apply. The panel will also address state laws with similar reporting requirements of which counsel should be aware. The panel will further describe best practices for compliance and assisting clients with preparing for BOI reporting.

Outline

  1. CTA overview
    • Reporting company
    • Beneficial ownership
    • Company applicants
    • Reporting requirements
    • CTA exemptions
    • BOI storage and access
  2. Impact on real estate entities
    • SPEs
    • Pooled investment vehicles
    • Others
  3. Effect on real estate transactions
    • Lenders' AML protocols
    • Due diligence for investors/buyers
  4. Status of noteworthy state transparency laws
    • NY
    • PA
    • CA
  5. Best practices for compliance

Benefits

The panel will review these and other important considerations:

  • Which real estate entities will likely be most affected by the CTA's implementation and why?
  • What exemptions may apply?
  • How will the CTA's reporting requirements affect real estate transactions for lenders and investors/buyers?
  • How will BOI be stored and who will have access to the information?
  • What state laws should real estate counsel be aware of that have similar reporting requirements as the CTA?